#debt #studentloandebt #consumerism
Content note: depictions of a hospital/ medical emergency starts at 22:54, ends at 23:51.
Debt is an inescapable aspect of American life. Millennials and Gen Z have taken to social media platforms like TikTok, Instagram and X (formerly known as Twitter) to discuss their staggering 5 to 6-figure debt. From student loan debt to credit card debt to medical debt, a large segment of the American population is grappling with the debilitating anxiety that comes with being financially insecure. In this video, I dive into how America keeps its citizens in debt and what you can do to overcome this.
Sources:
Congress 2008 Recession Bailout
https://www.nytimes.com/2008/10/03/business/worldbusiness/03iht-bailout.4.16679355.html
How the Paycheck Protection Program went from good intentions to a huge free-for-all
https://www.npr.org/2023/01/09/1145040599/ppp-loan-forgiveness
Welcome to America! Now learn to be in debt
https://www.npr.org/2023/05/24/1175798797/immigrants-credit-score-credit-card-debt
Dignity Not Debt
https://www.ucpress.edu/books/dignity-not-debt/hardcover
The Making of the Indebted Man
https://mitpress.mit.edu/9781584351153/the-making-of-the-indebted-man/
Debt: The First 5,000 Years
https://warwick.ac.uk/fac/arts/english/currentstudents/undergraduate/modules/fulllist/special/statesofdamage/syllabus201516/graeber-debt_the_first_5000_years.pdf
Author Discussion on Debt
https://www.c-span.org/program/book-tv/author-discussion-on-debt/649913
Average American Household Debt Statistics
https://www.businessinsider.com/personal-finance/credit-score/average-american-debt
Household Debt and Credit
https://www.newyorkfed.org/medialibrary/interactives/householdcredit/data/pdf/HHDC_2024Q1
Kanye West, Tom Brady, Jared Kushner, Reese Witherspoon, other celebs had millions in PPP loans forgiven
https://www.mercurynews.com/2022/08/18/kanye-west-tom-brady-jared-kushner-reese-witherspoon-other-celebs-had-millions-in-ppp-loans-forgiven/
Consumer patriotism is the American way
https://www.vox.com/the-goods/22662889/september-11-anniversary-bush-spend-economy
New America Bank Account Study
https://www.newamerica.org/family-centered-social-policy/reports/racialized-costs-banking/evidence-from-banks-entry-level-checking-accounts/
How race impacts credit: the history and effect on lending practices
https://www.bankrate.com/personal-finance/credit/does-race-affect-credit-score/#:~:text=Even%20though%20credit%20scoring%20models,more%20often%20than%20white%20applicants.
PG&E Bailout
https://www.abc10.com/article/news/local/abc10-originals/newsom-pge-protection/103-65ca1d41-8efe-45b4-87bc-0cdecc714378
https://www.abc10.com/article/news/investigations/gavin-newsom-pge-bailout-law-written-by-firm-that-had-represented-pge/103-4ffb6304-298d-41c2-816a-a8d2a3d66026
Keywords for the algo:
Debt, overconsumption, shopping addiction, consumer credit, credit cards, credit scores, consumer debt, personal finance, U.S. household debt, lending discrimination, mortgage loans, credit history, financial responsibility, U.S. economy, debt reliance, financial literacy, generational wealth predatory lending practices,, revolving credit, economic inequality, debtok, i’m in debt, government bailouts, student loans, auto loans, american education system
STOP PAYING DEBT , WALK AWAY
Sadly the people who need to hear this won't even be suggested this video
It's not America that's the problem. Stop blaming it on the country when it's those behind the scenes causing it!
Why are you under age 25 and over 100,000 in student loan and credit card debt! That’s ridiculous!
You killed this. Definitely enjoyed the research and the message. Thank you
This video was so well done and informative! I live in Europe, and what I noticed when visiting New York was that there were so many medical advertisements on tv. You don't see that at all in Europe. It's strange that everything is so commercialized. However, I still believe capitalism is not the enemy; extremes are. Socialism is way worse though, you trade in your rights and freedom to get "free" healthcare and education. Nothing is for free in this world. I mean, look at North Korea, or all other countries where socialism has been tried to see how that has worked out. If everything is for free, your rights and freedoms are what's being sold.There is no room for innovation, there is no creativity, there is no growth. Everything is dictated by the government. You won't understand how important it is to have choices, until you no longer have them.
I live in the Netherlands where I feel like we have some socialism and capitalism combined into one system. It's far from perfect, but I think it actually works pretty well. I honestly feel blessed to have grown up here. I hope the USA can change for the better because this current system is clearly failing. You all deserve better, that's for sure!
Time to move bricks and keys
Medical debt shouldn’t even be a thing. And people can’t control that one at all.
Individuals keep themselves in debt but it’s always someone else’s fault that had zero responsibility in your decisions.
Give up the blaming and finger pointing… those people never become successful.
Accountability and humility with hard work and financial education will take you far in life
All white men and black men quit working and quit paying into the government.Andless don't go and fight their wars.Let the politicians go fight their wars
As someone from the outside: how are americans putting up with this shitty system? Especially since all those brought insurances dont even cover
Your video is excellent !
I'm a french woman, scared by the american way of life coming in Europe. A lot of people here think more and more in individualist way, incriminate social security with this idea of individual moral responsability, even they're poor and depend on it !
When I discovered the concept of credit score, I understood the point of alienation of americans : here, we have debit card and it's better and logic. We earn our money and THEN we spend it …
Thank you for the references, historical and books.
Moment you say dumb shit like late stage capitalism you lose all your credibility. Notice how you conveniently omitted one minority group that does not meet your racism agenda.
Why do you keep voting for it??? The American Green Party is in favour of universal healthcare but Americans still vote for democrats and republicans who keep using money for destroying the lives of people abroad and maintain a monstrous military instead of using it for improving the lives of American people.
I live in Northern California, PGE is also the highest cost utility in the state, one of the highest if not highest in the country. The cost is so inflated that we just don't even use the heat or AC anymore. And in exchange for all the money customers pay PGE thanks us by killing and maiming us via various cost cutting measures to increase shareholder profit. Fun!
There is no way that the USA is getting out of this death spiral
I'm old enough that the flaming end is not likely to occur in my lifetime
For young people, get out if you can
As a haitian individual I'm forever disgusted for what these CRACKERS DID TO MY COUNTRY, Haiti.. they put us on a debt loop BCUZ WE KEPT COOKING their ahh… these oligarchs will fail & crumble inside out
This video should be required viewing in every social study class in America.
BRAVO! THIS IS A MASTERCLASS VIDEO
Most of these are brought upon themselves.. But, agree that tying your paid off loans and decreasing your credit rating is criminal.
I'm not on the sucker list so I have never received a credit card or app. Nor have I ever applied for a card.
People also do not have their priorities in order. They drive $80,000 pick up trucks and get their hair and nails done, or buy luxury brand purses, etc. But then they complain that they can’t afford groceries. Now they’ve elected a deranged billionaire into office, yet again… what do you all expect? Stop buying Stanley cups. Stop buying unnecessary things that are out of your budget. Stop buying your kids Ugg boots and $300 sneakers. Just stop. ?
I thought it was a choice you made to be in debt no one held the gun to your head and say get in debt so stop it
18:08 don’t forget once slaves we’re freed we were trapped into sharecropping for Pennie’s and having to pay off the farming materials we needed from our previous slave owners plus paying for rent in a slave house on a plantation.
The thing is, even capitalism doesn't have to be this way. Capitalism in and of itself isn't a terrible economic model. It's that the US has no breathing room for the masses in our form of capitalism. It requires that we work ourselves to death because the laws are written for it to be that way. Other capitalist countries don't have it this bad. There's capitalist countries that have universal healthcare and healthy work/life balance for their people. If we had even just those 2 things here everyone's lives could be dramatically improved.
4:04 brooo I was in the military, meaning I have moves around quite a bit, tell me how the second I move to a new place, capital one and credit one both know where I live ???????????????? like bro, I was here for not even a week, why is the address correct
Blaming "America " for your own stupid choices is the reason "America " is failing.
I'm so happy I made productive decisions about my finances that changed forever. I'm a single mother living in Vancouver Canada, bought my first house in October and hoping to retire soon if things keep going smoothly for me, all thanks to Mrs Sanders.
Just a reminder that the US military has not been able to pass an audit in years. The money that’s “going to the military” isn’t even going to the military
I just paid off my car and I immediately started getting emails and calls asking if I am ready for a new car. LEAVE ME ALONE! (And yes, I thought I was the only one who got Capital One mail ????)
I want to leave this country so bad